Cost-cutting here is defined as raising labor output while holding the amount of labor constant.
这里的成本削减定义为在保持劳动力数量不变的情况下提高劳动力产出。
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Even in America, the fiscal stimulus is kicking in, the "cash for clunkers" scheme is a big, if temporary, prop to output and firms will, sooner or later, stop cutting inventories.
Again, improved efficiency confers great benefits in the longer term. However, to the extent that firms are able to find further cost-cutting measures as output expands, they may delay hiring.